Petronet LNG recovers on bargain hunting

Petronet LNG rose 2.32% to Rs 176.20 at 12:06 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was down 220.92 points or 0.87% at 25,223.89.

On BSE, so far 2.18 lakh shares were traded in the counter as against average daily volume of 2.26 lakh shares in the past one quarter.

The stock hit a high of Rs 181.35 and a low of Rs 173 so far during the day. The stock had hit a record high of Rs 189.50 on 24 June 2014. The stock had hit a 52-week low of Rs 102.50 on 28 January 2014.

The stock had outperformed the market over the past one month till 9 July 2014, surging 6.26% compared with the Sensex's 0.53% fall. The scrip had also outperformed the market in past one quarter, jumping 22.21% as against Sensex's 12.08% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

Shares of Petronet LNG had declined 5.9% in two trading sessions to settle at Rs 172.20 on Wednesday, 9 July 2014, from a recent high of Rs 183 on 7 July 2014.

Petronet LNG's net profit declined 30.9% to Rs 169.30 crore on 23.3% growth in net sales to Rs 10408.52 crore in Q4 March 2014 over Q4 March 2013.

Petronet LNG was formed as a joint venture by the Government of India (GoI) to import LNG and set up LNG terminals in the country.

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